Automated Parking System Market Size
Market Outlook:
Base Year Value (2023)
USD 2.02 Billion
CAGR (2024-2032)
16.6%
Forecast Year Value (2032)
USD 8.05 Billion
Historical Data Period
2019-2023
Largest Region
Europe
Forecast Period
2024-2032
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Market Dynamics:
Growth Drivers & Opportunity:The increasing demand for parking space optimization in urban areas is a major growth driver for the automated parking system market. These systems are able to maximize the use of available space, providing a solution to the limited parking infrastructure in cities.
The growing focus on reducing traffic congestion and carbon emissions is driving the adoption of automated parking systems. These systems can efficiently park vehicles in a smaller footprint, thereby reducing the need for large parking lots and promoting sustainable urban development.
The advancements in technology, such as the integration of IoT and AI in automated parking systems, are enhancing the efficiency and convenience of these systems. This technological innovation is attracting more customers towards automated parking solutions.
Industry
Report Scope
| Report Coverage | Details |
|---|---|
| Segments Covered | Type, Offering, Platform, And End-Use |
| Regions Covered | • North America (United States, Canada, Mexico) • Europe (Germany, United Kingdom, France, Italy, Spain, Rest of Europe) • Asia Pacific (China, Japan, South Korea, Singapore, India, Australia, Rest of APAC) • Latin America (Argentina, Brazil, Rest of South America) • Middle East & Africa (GCC, South Africa, Rest of MEA) |
| Company Profiled | AutoMotion Parking Systems, City Lift Parking, LLC, EITO&GLOBAL, Fata Automation, Klaus Multiparking, Lodgie Industries, Parkmatic, Robotic Parking Systems,, Skyline Parking, Unitronics, Westfalia Parking, Wohr Parking System Pvt.., IHI, MHE Demag (S) Pte, Park Assist, Dayang Parking Company, ParkPlus, Serva Transport Systems, Stolzer Parking System, TAPS |
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The high initial costs associated with the installation of automated parking systems act as a major restraint to market growth. The capital investment required for implementing these systems can be a barrier for many businesses and municipalities.
The lack of awareness and understanding about the benefits of automated parking systems among consumers is another restraint for the market. Without adequate knowledge about the advantages of these systems, potential customers may be hesitant to invest in automated parking solutions.
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